Latin American-based cryptocurrency platform, Bitso partners with Everest, the first licensed cryptocurrency custodian offering stablecoins to allow Everest users, Mexican receives funds in their native fiat.
The update was made known through Everest’s Twitter handle.
As said earlier, the collaboration will allow the Everest users to receive cross-border transactions from Europe, the US, and Singapore into their native country, Mexico.
Interestingly, the Mexico-US corridor is the second-largest international payment corridor globally, with over $54 billion in cross-border payments in 2021. This made it a significant part of Mexico’s total economy as the world bank research revealed that the average cost of sending $200 globally was an astounding 6% ($12) in 2021.
Absorption of this partnership lessens drastically the cross0-border payment than the traditional payment methods.
As stated by Santiago Alvarado, Bitso’s Senior VP of Product
We’re very excited to partner with Everest to continue our mission of making crypto useful by enabling crypto-powered cross-border payments.
Everest customers in different countries that want to send money to Mexico will be able to do so instantly and in a cost-effective manner, leveraging Bitso’s infrastructure and Blockchain technology.
The Everest CEO revealed the detail of the partnership in a few statements which are below:
- Firstly, the fund will be converted to credit tokens, CRDT
- Then users will convert the CRDT to cryptocurrencies like XRP, BTC, and Stablecoins which can now be sent directly to Mexico from the US, Singapore, and Europe.
- Then the crypto assets can now be converted into Mexican pesos and the local fiat to any local bank account in Mexico as stated by the partner.